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CALEDONIA MINING CORPORATION PLC COM SHS NPV (DI)

Caledonia Mining Corporation Plc Q1 Gold production up and maintainable

Caledonia Mining Corporation Plc (LON:CMCL) announced today gold production from the Blanket Mine (“Blanket”) in Zimbabwe, for the quarter ended 31 March 2017 (“Q1 2017” or the “Quarter”). All production numbers are expressed on a 100 per cent basis and are based on mine production data and are therefore subject to adjustment following final assay at the refiners.

Approximately 12,794 ounces of gold were produced during the Quarter, representing an 18 per cent year on year increase on the gold produced in Q1 2016 (10,822 ounces). Caledonia maintains its’ 2017 full year production guidance of approximately 60,000 ounces and remains on track with progress towards its long-term target of 80,000 ounces by 2021.

Commenting on the production for Q1 of 2017, Steve Curtis, Caledonia Mining Corporation Plc Chief Executive Officer, said: “Production in the first quarter of 2017 showed a pleasing year on year improvement of 18 per cent, a trend which we anticipate maintaining, in line with our guidance for 2017. Production continues to be supported by access to resources below the 750m level through the development of a second decline into the AR Main ore body as well as through the current decline at AR South and through the 6 Winze shaft. Production in Q1 was six per cent lower than the previous record quarter, but remains within planned production for the full year. This trend is in line with the historical quarterly production profile at Blanket which typically experiences slightly lower production rates in the first quarter of each year due to holidays and mine scheduling.

“We continue to be pleased with the production increases from Blanket following the implementation of the ongoing Investment Plan, and I look forward to updating the market in due course.”

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.